One property expert said: ‘It’s quite likely that as far as the UK property market is concerned, come next week it will be business as usual’

Brits most affected will be the buyers and sellers dipping their toes in the market – who usually put their homes up for sale or start looking at what is on offer.

For now though, they will most likely stay put in their homes instead.

Alex Gosling, CEO of HouseSimple.com, explains: “The last thing the housing market needed right now, with house growth slowing, was a hung parliament, and that’s exactly what it’s got.”

He added: “We are now faced with more political uncertainty and that could feed through to buyer and seller confidence. We could see buyers holding off making a purchasing decision until the political landscape is clearer.”

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But mortgage lenders are confident that this snowstorm will settle. They say that property transactions which are already being processed are unlikely to be affected by the political turmoil caused by today’s shock election results.

With attractive mortgage deals around, first-time buyers will still hunt for homes.

Meanwhile the Three D’s – the death, divorce and displacement buyers and sellers – will still have to move despite the political climate.

Property expert Sarah Beeny believes the general election results won’t have any major long-term impact on the UK housing market

TV property expert Sarah Beeny, owner of estate agent Tepilo.com said: “I don’t think there will be any major long-term impact. We may see people holding off buying and selling in the next couple of weeks whilst everything settles, but that will be about it.”

EMoov founder and CEO Russell Quirk said we will also see yet another Housing Minister in post by next week given that Gavin Barwell has lost his Croydon Central seat. “That’ll be our 6th Housing Minister in almost as many years,” he said.

We have a hung parliament - so what happens next?

AS the current Prime Minister and leader of the largest party in Parliament, Theresa May has the right to have first go at forming a government.

She appears to have struck an informal deal with the Democratic Unionist Party to support a minority government when needed.

To stay in power the PM will have to win a vote on her overall policy programme within two weeks, following the Queen’s Speech on June 19.

If she does make an arrangement with the DUP, she will almost certainly win that vote – but if she has not, she could lose it and her government would fall.

Then Jeremy Corbyn would have a chance to strike his own deal with the smaller left-wing parties.

This is unlikely to succeed because the total number of seats won by Labour, the SNP, the Lib Dems, Plaid Cymru and the Greens is less than those won by the Tories alone.

If neither main party leader could form a government, new elections would be held in the autumn.

Brian Murphy, head of lending at Mortgage Advice Bureau said: “If you look past the sentiment and shock, little has actually changed.

“No new laws have been passed overnight and for those people already in the buying or selling process, nothing has changed overnight either.

“It’s quite likely that as far as the UK property market is concerned, come next week it will be business as usual.”

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